Make college more affordable by buying your kids a house?
Few things in this world make parents more proud than the ‘acceptance letter’. After some ups and downs through high school, cramming, guidance counselor visits, and writing application after application, one day it arrives. Upon realizing that your little girl/boy has just taken a major step in their lives, tears of pride and joy are bound to start flowing. However, unless little Einstein managed to also secure a full scholarship, the tears of joy quickly turn to the dreaded “how are we going to pay for this”? Thankfully, there may be an answer.
Sending children off to college or university is both emotionally and financially draining. The never-ending rising costs of tuition, books, and accommodations make for some serious budgeting and quite often, a large debt to pay off after all is said and done. But what if there was a way to build equity into a home, while at the same time providing reliable housing for your children as they make their way through the rigors of post secondary education? Well there is a way. Genworth Canada has a Family Plan Program that helps people buy homes for immediate family members with as little as 5% down.
This plan helps families who quite frankly don’t have enough money for a large down payment on a home but do have good credit. In fact, it is possible to purchase a home for your young scholar to stay in while at school, for as little as 5% down. In a conventional mortgage, that number would be 20%, making it unattainable for many parents.
In the end, if a family meets certain guidelines, such as good credit, and the property being looked at is up to standard, this is an excellent way to get your money working for you while your children get the degree of their dreams.